§ Mr. McNamaraasked the Chancellor of the Exchequer whether he will publish in the Official Report the voting strength of those countries, members of the International Monetary Fund and World Bank, stating what is the current working and absolute majority needed in each institution, indicating the changes that have been made in the last year.
§ Mr. Lawson[pursuant to his reply, 6 July 1981]: The information is as follows:
Voting Strength
Voting strength in the International Monetary Fund is based on quota size plus a basic vote element. Each member has one vote for each part of its quota equivalent to 100,000 SDRs plus a basic 250 votes. Voting arrangements of the International Bank for Reconstruction and Development (World Bank) which are set out in Cmnd. 6885 of 1966 are similar but not identical to those of the IMF. Each member country has two hundred and fifty votes plus one additional vote for each share of stock held. IMF membership is a prerequisite for membership of the World Bank and an increase in a country's IMF quota has normally led to an increase in its shareholding in the Bank.The IMF Annual Report 1980 and World Bank's annual report for 1980 (copies of which are available in the Library) set out respectively each country's quota and voting power and shareholding and voting strength as at 30 June 1980. Since then there have been a number of changes in both institutions. In the Fund the People's Republic of China and Saudi Arabia received special increases in their quotas. In addition all Fund members except Oman and Iran but including Zimbabwe which joined in 1980 consented to the full 50 per cent. increase in quotas provided for them in the Seventh Review of Quotas. In the Bank during the same period there have been subscriptions by four new members (Djibouti, Dominica, Seychelles and Zimbabwe), a major increase in the shareholding of the People's Republic of China and increased shareholdings for several other countries (including Brazil, Italy, Kuwait, Malaysia, Morocco, Spain and the United States of America) which have subscribed to shares allocated under previously agreed capital increases.Voting Arrangements
On most issues the Fund and Bank act on the basis of consensus. When voting is required most questions can be decided by a majority of the votes cast. But for some particularly important decisions special majorities are required. In the Fund, 196W for example, adjustment of quotas of allocation of SDRs requires an 85 per cent. majority of total votes; similarly in the Bank a proposal to amend the Bank's articles of Agreement normally requires the approval of three-fifths of the members having four-fifths of the voting power.